progress payment

British

noun

an instalment of a larger payment made to a contractor for work carried out up to a specified stage of the job

"Collins English Dictionary — Complete & Unabridged" 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

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progress payment

The customary progress payment rates for Department of Defense contracts, are 80 percent for large defense contractors and 90 percent for small businesses.

From Reuters ● Mar. 20, 2020

I also have a progress payment due for a job that is about to go into production: $19,888.80.

From New York Times ● May 3, 2010

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023